JoS. A. Bank Clothiers earnings expected to plunge

Actual results will depend on, among other things, adjustments that may arise from the normal quarter-end processing. The second quarter of fiscal year 2013 ended August 3, 2013; the second quarter of fiscal year 2012 ended July 28, 2012.

Commenting on the earnings update, R. Neal Black, President and CEO of JoS. A. Bank Clothiers, Inc. stated: "While our total Sales declined in the second quarter of fiscal 2013, we achieved stability in our gross profit margin rate. Specifically, our gross profit margin rate increased in both the fiscal months of June and July and the overall rate for the second quarter is expected to increase slightly from last year.

"Customers did not respond as well to some of our highly promotional, high sales volume marketing campaigns as they did in the prior year and total sales declined approximately 11% in the quarter, primarily during these promotional peaks.

"Day to day sales on the non-promotional portion of our business in stores increased during the quarter. As we implemented new marketing strategies, we were conservative with our marketing expenditures which enabled us to improve our marketing efficiency during the quarter."

"We are highly focused on improving our sales trend, and further improving both our gross profit margin rate and our marketing efficiency over the remainder of fiscal year 2013, with the overall goal of returning to previous years' levels.

"We will continue to modify and implement new marketing events and the related media placement to maintain efficiency and to drive sales. We will begin to annualize our declining sales and gross margin trends during the third quarter and for all of the fourth quarter, which means our opportunity for improvement is significant during those periods," continued Mr. Black.

JoS. A. Bank Clothiers, Inc., established in 1905, is one of the nation's leading designers, manufacturers and retailers of men's classically-styled tailored and casual clothing, sportswear, footwear and accessories. The Company sells its full product line through 612 stores in 44 states and the District of Columbia.

JoS. A. Bank